I was passing by Hawally and saw that the new Islamic bank in Kuwait, Warba, started operating. I recall a few years ago there was only KFH but now they’re five; KFH, Boubyan, KIB, BKME, and now Warba. I think confirming to Islamic sharia has its financial benefits plus many are comfortable dealing with Islamic banks where the term interest is not used.
I’ve to admit first that I like eating at Chili’s and I usually choose it over other restaurants but seeing how my order costs much more in Kuwait than the same order in other countries upsets me.
My usual order is Boneless Buffalo Wings, Margarita Grilled Chicken, and Soda (Diet Pepsi), sadly in Kuwait they’re priced higher and when I say higher I’m not talking about 200-300 fils more but Dinars, My sub-total in Kuwait is 10.600 KD, while in Dubai its 7.700 KD (That’s 2.900 KD less), and Los Angeles 5.400 KD (That’s 5.200 KD less). The same problem is also there with several other restaurants and cafe’s in Kuwait.
We all see how employees are striking for salary increase but I believe our main problem is the increasing prices and high inflation rate in Kuwait.
Below is the conversion rates table from NBK online:
I came across this new published study titled The World Richest Countries 2011 by Forbes Magazine stating that Kuwait has ranked #15, the study looked on the average income per year for an individual.
As in above table Qatar came in first place and was named as world’s richest country 2011 with average income about $88,222 (24, 200 KD). Forbes explains that Qatar, Kuwait, and United Arab Emirates have made such wealth because of the current high prices of oil, I think what also helps is the relatively small population.
I saw billboards on Kuwait streets stating that Thukher (ذخر) are now open for those who wish to apply, don’t know what Thukher is? Its a national project to develop the next generation leaders with skills necessary to lead tomorrow’s organizations in Kuwait and lead toward development.
Those who pass the tests will get special courses at Cornell University in Ithaca New York, if you ask me its a great step for one’s career and Kuwait. To apply Cick Here
I received news that Warba Bank will operate in two weeks, I spoke with their customer service and they said they will start with five branches in Kuwait (Salmiyah, Farwaniya, Hawally, and Kuwait city).
Warba Bank is the 4th Islamic bank in Kuwait with a capital of KD. 130 Million and represented by Kuwait Investment Authority that owns 24% of shares while the rest were equally allocated among all Kuwaiti Nationals back in 2009.